Form 23ac (for fye 31.03.12)

This query is : Resolved

Guest

Guest (Querist)

03 January 2013 Hi,

Someone may please reply to the following query(s):

ABC Private Limited had paid up capital Rs.1 Lac as on 31.03.12.

Note 1. Company increased its paid up capital to Rs.1 Crore on 30.06.12.

Note 2. 99.50% of the paid up capital is held by foreign holding company.

Consequently, Indian private company became a subsidiary of foreign company.

Query

Should the company while filling Form 23AC say YES
to the field 8.(a) *Whether the company is a subsidiary company as defined under section 4?

Ans : ....................... (please see note 1. above and give reply)

Thanks.

Ajay Mishra

Ajay Mishra (Expert)
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03 January 2013 Hi

As per my knowledge, Form-23AC is a Form for reporting the details as on 31.03 2012. The forms also ask the details of reporting period and you mentioned it as 31.03.2012. So, the detail in Form-23AC should be given of 31.03.2012 and as on date the company was not subsidiary of foreign company. So you need not to mentioned the details of foreign holding.

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